Corporate Presentation

March/April/May 2020

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Disclaimer

This presentation contains forward-looking statements that are subject to various risks and uncertainties. Such statements are based on a number of assumptions, estimates, projections or plans that are inherently subject to significant risks, as well as uncertainties and contingencies that are subject to change.

Actual results can differ materially from those anticipated in the forward-looking statements of CORESTATE Capital Holding S.A. (the “Company”) as a result of a variety of factors, many of which are beyond the control of the Company, including those set forth from time to time in the Company’s press releases and reports and those set forth from time to time in the Company’s analyst and investor calls and discussions. The company does not assume any obligation to update the forward-looking statements contained in this presentation.

This presentation does not constitute an offer to sell or a solicitation or offer to buy any securities of the Company, and no part of this presentation shall form the basis of or may be relied upon in connection with any offer or commitment whatsoever. This presentation is being presented solely for information purposes and is subject to change without notice.

Extent and impact of the corona pandemic on the course of business in 2020 cannot yet be conclusively assessed. The company is therefore monitoring further developments and their impact on business activities very closely and will always present reliable information transparently in a timely manner.

€ = Euro; $ = (US)Dollar; % = percentage; a = actual; acc. = according; adj. = adjusted; aggr. = aggregated; approx. = approximately;c(a) = circa; e = expected; (F)Y = (financial) year(s); H = half year(s); LTM = last twelve months; M = month(s); Q = quarter(s); tba = to be announced k = thousand(s); m = million(s); bn = billion(s)

Glossary

3

A Fully Integrated and Specialized Real Estate Investment Manager

€ >28bn Assets underManagement

€ >6.0bnDeal Pipeline in

selected countries

BB+ (positive)

Corporate CreditRating

~800 FTEs | 42 Offices | 7 Countries

c € 1.3bn Fund Volume in Real Estate

Mezzanine

>55%EBITDA Margin

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Attractive Offerings for our Clients in Various Asset Classes

Fundraising, Reporting, Risk Management, Financing etc.

Retail(>70.000)

Clients /Investors

Semi Institutional (>300)

Institutional(>100)

Key product range

integratedPlatform

* after costs

Office Residential Micro Living Retail Mezzanine

3.5% - 4% 4% - 4.5% 5% - 5.5% 5% - 6% 11% - 13%

Still underinvested asset allocation to (German) Real Estate (Δ c -30%)

Products

Return*

Asset & Property Management

Marketleader

Marketleader

One

-Sto

p-Sh

op

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Corestate’s Embedded Growth Strategy

Strong upside potential from both organic and inorganic sources

OrganicDriversOrganicDrivers

InorganicInorganic

Diversified Products

Recurring income and strong cash flow from innovative and platform synergies

Urbanization Demographic

changes

Institutional & Retail Investors

Structural under allocation to European real estate

Interest rate environment

Micro Living

Flexible workforceBologna Protocol

Loan

Private debt

Stable demand in large cities

Regulation

Additional bolt-on or add-in M&A

Fragmented AM market in Europe

Firepower (FCF generation & leverage capacity)

Digitalization/StandardizationRegulationClient demand

Mid-termgrowth perspectives

+€ 3-5bnAuM p.a.

+5-10% AuM p.a.

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Diversified Geographic Exposure and Expected Near-term Expansion

Short-term expansion expectations

Madrid

Portugal

London

Oxford

ZurichWollerau

LuxemburgMunich

Vienna

Frankfurt

Leipzig

HamburgIreland

Hungary

Poland

Denmark

Norway

Sweden

Italy

c €1.9bn

BeNeLux c €1.8bn

c €0.4bn

c €0.4bn

c €3.3bn

RoW c €3.2bn

c €0.2bn

Micro Living

c €16.6bn

Main offices

Headquarters

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Ample Room for External Growth

Strict set of acquisition criteria drives approach to external growth

Sector consolidation driven by trend to bigger asset managers and increasing regulatory costs (AIFMD)

European Real estate AM market is fragmented: >90 asset managers with AuM below € 10bn

Comprehensive and integrated multi-boutique platform enables an efficient and flexible dock process of new asset manager

new asset class

cross-selling

opportunities

EPS accretionhigh % ofrecurring revenues

Real estate &complemen-tary AuMs

new investors

new geography

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Highlights of FY 2019

>10% organic growth on RE AuMs in 2019

Strong performance in the backdrop of a robust market and a transformational year

STAM acquisition closed and integration on track

Guidance outperformed or achieved on all levels Accomplished corporate transformation & institutionalization Supported by solid HFS performance

Internationalization in products and clients Next important steps in European asset expansion Several new institutional clients successfully onboarded

Realignment of governance & management structure

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Corporate Governance Structure

Enlargement and regular electionof the Supervisory Board

Dr. Georg Allendorf (proposed as new chairman)c 30 years expertise in real estate investments and asset management

Frm. Managing Director at DWS, Head of Real Estate Europe; former Head of Real Estate at R+V Versicherung

Several board seats incl. Honorary Board Member of INREV & Fellow of RICS

Micha Blattmann will step down as his statutory term ends

Other candidates for Supervisory Board Timothy Blackwell, frm. Head of REIM at Credit Suisse AM

Olaf Klinger, Chief Financial Officer of Symrise AG

Dr. Gabriele Apfelbacher, frm. partner at Cleary Gottlieb Steen & Hamilton

Marc Driessen, frm. MD of Hansainvest and ManagementBoard of HSH Real Estate

Nils HuebenerCIO since 1 April 2020

>20 years expertise in real estate investments

Former Global CIO at BNP Paribas Real Estate Investment Management, former Head of RE Mgt. (global) at SEB AM; former Head of RE Transactions Western and Southern Europe at Deutsche Bank RE

As CIO esp. in charge of Equity Raising, Research and Investment Management

Thomas Landschreiber will remain with the company

New CIO and Member of the Management Board

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28%

26%

Assets under Management – Dedicated to Growth

Other

Micro Living

Office

Retail

Residential

non Real Estate

€ 20.7bn

FY-2019FY-2018

29% 26%

15%5%

€ 22.8bn RE

€ 3.5bn non RE

€ 28.3bn*

* incl. STAM on a pro forma basis as of after closing

€ 2bn STAM*

€ 25.3bn

25%

18%

22%

€ 4.7bn

6%+10.1%

+28%

FY-2017FY-2016

c € 3bn

€ 21.9bn

30%

23%

7%

€ 5.7bn

7%

33%

€ 16.2bn +440%

Assets under Management

+10.1% net organic growth in RE AuMs in FY-2019

STAM acquisition will add € 2bn in AuMs

Planned decrease in non-Real Estate AuMs of € -1.2bn

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Real Estate Debt –Highly Diversified with Focus on Favourable Locations

Regional break down of current outstanding financings (in m€)

Uses of mezzanine funds at the end of FY-2019

284

177131 108 74 65 55 43 29

73 18 17

232

c 70% of lending volume goes to Top7 cities in Germany

Total committed fund volume: c € 1.3bn

Predominantly German residential

# of financed projects: 61

Ø size of mezzanine financing: c € 21.4m

Residential 70%

Retail16%

Office 14%

61projects

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Pension Schemes 50%

Insurers 23%

Pension Funds 12% Investment Funds 8%

Others3)

7%

Overview HFS Stratos Funds

Historic Mezzanine Fund Volumes

Avg. performance2) since inception around 12.0% p.a.

Interest-bearing share of committed fund volume c 80%

Very visible investment pipeline for the upcoming quarters

Stable Investor Base

c 70institutional

clients

Committed 1)

Key Performance Parameter3) Others incl. Banks, Foundations etc…

Outstanding performance driven by efficient deployment of funds in combination with cautious volume increase

1) Average commitment of fund volume to projects2) Based on reported performance of IAF Stratos II & IV acc. to BVI standard

414

758

9621,108 1,155

c1,3

200

400

600

800

1.000

1.200

1.400

201412,8%99.2%12.8%

201513,2%98.6%13.2%

201612,7%98.7%12.7%

201712,0%99.3%12.0%

201811,1%99.2%11.1%

201913%

99.1%13%

13

130

175

303

Adj. Net Profit

EBITDA

Aggr. Revenues

All Figures Within or Above Guidance

Full year figures of 2019 (in €m)

Guidance285 - 295

Guidance165 - 175

Guidance 130 - 140

Revenues affected by shifted client transactions to FY2020

EBITDA influenced by compensatory extraordinary items

one-off expenses for M&A and transformational set-up costs

positive impact from released provision (expired M&A related liabilities)

Year end leverage ratio of 2.7x in-line with target range of 2x to 3x

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Outlook 2020, Dividend and New Distribution Policy

Financial Guidance 2020

As extent and impact of the corona pandemic on the course of business in 2020 cannot yet be conclusively assessed, Corestate does not give a financial guidance for 2020 as of yet

The company is monitoring further developments and their impact on business activities very closely and will always present reliable information and, as soon as possible, a new guidance for 2020 transparently in a timely manner

Dividend & Distribution Policy

To secure full financial flexibility and further de-risk the company, Corestate proposes to the Annual General Meeting that the dividend for financial year 2019 be waived as a one-time event

Starting with the distribution for the fiscal year 2020, Corestate plans to pay out at least 30% of the Earnings per Share in 2021

The objective is to reduce the Company´s net financial debt in the medium term

Appendix

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Def

initi

on o

fcle

aran

dam

bitio

usES

G ta

rget

s nvi-

ronment

ocial

Issues

over-

nance

Appendix: 2019 Client Initiatives: Sustainability, Transparency and Digitization

+30% of women in managementby 2025

Corestate Foundation and employeecharity day

Supervisory Board extension and independence

Compliance and Transparency(Inrev, UNPRI, ethics declaration)

First ESG Report published in 6/2019 -20% CO2 emissions by 2025 +30% energy efficiency by 2025 -20% water consumption by 2025 -20% residual waste by 2025

Long term Commitments Client Services and Digitalization

Launch of compelling new homepage with client foucs

Launch of own digital distribution platform

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Appendix: Long-dated Fund Maturity Profile

Notes: (1) Maturities are defined as the contractual end of the AM contract. It is expected that most of the contracts are renewed or a transfer of the assets into another CORESTATE vehicle takes place..

12% 13%

6%

1%

5%

2% 3%1% 1%

2% 2%

46%

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2030+

Real Estate Equity Funds Real Estate Debt Funds Non Real Estate

HFS funds in evergreen structure

Maturities by type of funds (1)

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(€ m) FY 2019 FY 2018

Revenue from Acquisition Related Fees 35.1 31.7Revenue from Asset and Property Management 192.4 99.1Revenue from Promote and Sales Fees realized 8.8 0

Revenue from Real Estate Investment Management 236.2 131

Management expenses (95.2) (51.7)Earnings from Real Estate Investment Management 141.0 79.3Net Rental Income 11.2 13.8Revenue from Service Charges 3.5 0.3Net Gain from Selling Property Holding Companies 18.7 51.8Income from other Warehousing activities 0 6.3Total Income from Real Estate Operations / Warehousing 33.4 72.3Expenses from Real Estate Operations / Warehousing (19.2) (18.3)Earnings from Real Estate Operations / Warehousing 14.2 54Earnings from Alignment Capital 21.6 13.3General and Administrative Expenses (24.7) (20.9)Other Income 22.8 2.8EBITDA 175.0 128.4Depreciation and Amortisation (31.1) (19.3)EBIT 143.9 109.1Net Financial Expenses (23.5) (17.5) EBT 120.4 91.7Income Tax expenses (11.6) (11.2)Net Profit for the Period 108.8 80.4of which attributable to equity holders 108.5 80.6

Appendix – FY 2019 Profit & Loss Statement

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(€ m) 31 Dec 2019 31 Dec 2018

Non-Current AssetsGoodwill 567.1 567.1Other Financial Instruments 172.2 93.7Intangible Assets 109.6 132.4Investment in Associates and Joint Ventures 126.5 88Other Non-Current Assets 104.9 103.7

Total Non-Current Assets 1.080.3 984.9

Current AssetsInventories 62.3 91.8Cash and Cash Equivalents 103.2 194.4Other Current Assets 172.6 119.6Total Current Assets 338.1 405.8Total Assets 1.418.4 1.390.7Total Equity 676.3 621.0Long-term Financial Liabilities to Banks 17.0 69.7Other Long-term Financial Liabilities 520.3 514.5Other Non-Current Liabilities 35.2 29.4Total Non-Current Liabilities 572.5 626.1Current LiabilitiesShort-term Financial Liabilities to Banks 37.7 0.5Other Short-term Provisions 13.9 33.4Other Current Liabilities 117.9 57.7Total Current Liabilities 169.5 143.7Total Equity and Liabilities 1.418.4 1.390.7

Appendix – Balance Sheet as of 31 December 2019

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Appendix –Shareholder Structure and Research

€ 56

€ 40

€ 25

€ 38

€ 65

€ 50

€ 28

€ 47€ 40

Average target price c €44 (100% Buy)

23 April 2020 23 April 2020 29 Feb 2020 25 Feb 2020

Buy

Hold

Sell

24 April 2020 25 March 202028 Feb 2020 24 April 202024 March 2020

Shareholder Structure (acc. to latest public filing)

Dr. Kai G. KlingerChief Markets Officer

Phone: +49 69 3535630-106ir@corestate-capital.com

Investor Contact

Please note that these dates could be subject to change

Financial Calendar 2020

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3

4

5

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Fully integrated real estate investment manager with € >28bn AuM

Solid macro backdrop and strong recurring fee income streams provide stability

€ >6bn pipeline drive superior organic AuM growth

Growing allocation to real estate provides fundraising base

External growth opportunities from sector consolidation

Strong profitability and attractive dividends

Key Investment Proposition

IR-Contact and Financial Calendar 2020

1

25 February Publication preliminary results for FY 2019

24 March Annual financial report 2019

12 May Publication results for Q1

tba Annual General Meeting

11 August Publication results for H1

10 September Capital Markets Day

11 November Publication results for first nine months